Paramount Mortgage - Lender's Blog

After the Weather: Caring For Your Home in the Winter

St. Louis, home of PMC headquarters, is a wonderful place to live, play and work. You can count on great sports, wonderful businesses, entertainment, and much more. You can also be certain that you will never get bored with the weather, which sometimes seems to fluctuate between seasons in a single day. Last week, we experienced a mix of high winds, wild temperature changes, and ice. After a wild week of St. Louis weather, we encourage all homeowners to look for items that may need to be addressed.

FHA Mortgage Insurance Premium Reduction

The Federal Housing Administration (FHA) is reducing its annual mortgage insurance premium (MIP) by 25 basis points for most new mortgages with a closing/disbursement date on or after January 27, 2017.

FHA’s new premium rates are projected to save new FHA-insured homeowners an average of $500 this year.

For example, on a typical FHA loan of $200,000, the MIP was $141.67/month – with the new premium the monthly payment would be $100.00.

Real Estate Scam

With the recent massive hacks, including the breach of more than a billion email accounts at Yahoo, real estate agents are at a higher risk for a scam that was first reported in 2015.

New Year, New Plan

This weekend, we rang in a bright new year! We’re excited to see what the year 2017 brings. Right now, many people are implementing their resolutions. Among the most common resolutions are to eat healthier, exercise, get organized, be more productive, save money, and get out of debt.  Experts recommend breaking down larger goals into smaller, measureable, and more manageable ones.

Keeping Perspective on Rising Interest Rates

Rates for home loans rose for the ninth straight week, marking the biggest increase since 2013, mortgage finance provider Freddie Mac said Thursday.

The 30-year fixed-rate mortgage averaged 4.32%, up two basis points during the week. The 15-year fixed-rate mortgage averaged 3.55%, up from 3.52%.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.30%, down two basis points during the week. These rates don’t include fees associated with obtaining mortgages.

A Look Back at 2016

The year 2016 will soon be a memory. We are happy to say that it was a banner year at Paramount Mortgage Company. We have so many moments and events for which to be thankful. These moments are made possible by the people we work with and serve. 

Paramount Saves Christmas

There are just 5 days left before Santa arrives. Are you ready? Whether you’ve been planning since we rang in 2016 or you’re caught in the hectic hustle of last-minute bustle, there are bound to be some unexpected things pop up this week. Today, we offer advice on coping with a few common holiday headaches.

A Little Mortgage / Real Estate Humor

 

New Loan Limits for 2017

FHA:
The FHA has a maximum loan amount that it will insure, which is known as the FHA lending limit. These loan limits are calculated and updated annually and are influenced by the conforming loan limits set by Fannie Mae and Freddie Mac. The type of home, such as single-family or duplex, can also affect these numbers. 

The Social Benefits of Homeownership

 

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